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    Coronavirus effect: Rs 481 crore withdrawn from PF accounts

    Coronavirus effect: Rs 481 crore withdrawn from PF accounts

    Coronavirus effect: Rs 481 crore withdrawn from PF accounts
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    By CNBC-TV18  IST (Updated)

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    The Employees' Provident Fund Organisation (EPFO) has revealed that Rs 481.63 crore have been disbursed to 40,826 provident fund members for their needs arising out of the coronavirus pandemic.

    The Employees' Provident Fund Organisation (EPFO) has revealed that Rs 481.63 crore have been disbursed to 40,826 provident fund members for their needs arising out of the coronavirus pandemic.
    “It is heartening to report that the exempted PF trusts have also risen to the occasion amidst the COVID-19 pandemic. As on the forenoon of 17.04.2020, Rs. 481.63 crores (Rs. 481,63,76,714) have been disbursed to 40,826 PF Members as advance under para 68-L for  COVID-19 by the exempted PF Trusts,” the EPFO stated in a release.
    Finance minister Nirmala Sitharaman in a press conference on March 26 said that EPFO subscribers could withdraw 75 percent of balance or three month wages as non-refundable advance, whichever is lower. The scheme would benefit 80 lakh employees of nearly 4 lakh establishments, she said at the time.
    The new rule was notified in view of the ongoing outbreak of the coronavirus pandemic and the subsequent lockdown to counter its spread.
    In less than 10 days of the notification of the new rule, about 1 lakh people had applied to withdraw funds from their accounts.
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